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Artificial Intelligence

Intelligent Process Automation Market Size to Reach US$ 27,990 Mn by 2030 Exclusive Report By Acumen Research and Consulting

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TOKYO, June 16, 2022 (GLOBE NEWSWIRE) — The Global Intelligent Process Automation Market accounted for US$ 10,935 Mn in 2021 and is estimated to reach US$ 27,990 Mn by 2030, with a significant CAGR of 11.2% from 2022 to 2030.

The intelligent process automation market is projected to explode in popularity in the near future as the digital workplace is undergoing fast development. Automation is assisting in the development and deployment of seemingly space-age technology, such as driverless vehicles and autonomous drones, by developing and deploying new types of intelligence. Intelligent process automation has the potential to be a truly transformative technology, with possibilities that extend beyond increased efficiency to include step-change improvements in customer experience, productivity, and efficiency. This technology enables businesses to automate processes by utilizing structured, semi-structured, and nonstructured document types such as documents, forms, text, images, and video.

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Report Coverage:

Market Intelligent Process Automation Market
Market Size 2021 US$ 10,935 Mn
Market Forecast 2030 US$ 27,990 Mn
CAGR 11.2% During 2022 – 2030
Analysis Period 2018 – 2030
Base Year 2021
Forecast Data 2022 – 2030
Segments Covered By Component, By Technology, By Deployment Type, By Organization Size, By Application, By Industry Vertical, And By Geography
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled Atos, Blue Prism, Capgemini, CGI, Cognizant, Genpact, HCL Technologies, IBM, Infosys Limited, Pegasystems, Tata Consultancy Services Limited, and UiPath.
Report Coverage Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Customization Scope 10 hrs of free customization and expert consultation

COVID-19 Impact on the Intelligent Process Automation Industry

The spread of corona virus has rendered the entire world inoperable. Almost every country has implemented lockdowns and strict social distancing measures. As a result, supply chains have been disrupted. Globally, the pandemic has altered common systems. Even amid pandemic, IPA solutions are assisting organizations in successfully navigating the opportunities.

Due to inefficiencies in legacy systems and limited capacity during the lockdown, most organizations prefer digital transformation with a focus on robotic process automation (RPA) and hyper-automation, which is driving the market growth. The majority of non-IT verticals are implementing IPA solutions. Thus, the COVID-19 had a positive impact on the intelligent process automation industry.

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Global Intelligent Process Automation Market Growth Factors

Growing demand for automated processes to modify traditional operations, growth in adoption of robotic process automation, and faster decision-making across organizations are the primary factors driving the growth of the global intelligent process automation market.

Companies all over the world are rapidly adopting intelligent process automation technologies to reduce operating costs while maintaining the quality and efficiency of business processes. Significant benefits, such as improved customer experience and increased process efficiency, are expected to drive this technology’s adoption in the coming future. IPA technologies improve the accuracy and efficacy of various procedures and aid in regulatory and compliance reporting by collecting data from multiple systems and performing confirmation tests to present detailed information on analysis.

Businesses are being forced to implement work-from-home policies, which necessitate significant investments in the automation of business processes. Thus, the rise of applications such as predictive maintenance, telemedicine, and virtual healthcare management is fueling the market’s growth. One of the intelligent process automation (IPA) trends to boost market growth is the growing implementation of artificial intelligence (AI), robotic process automation, and digital process automation. For instance, artificial intelligence technology alters the way customer service solutions are designed to better serve customers and meet their needs.

Global Intelligent Process Automation Market Segments

The intelligent process automation market is divided into seven categories: component, technology, deployment model, organization size, application, industry vertical, and region. Based on components, the market is split into solutions and services. Among them, the solutions segment held the largest market share while the services segment achieved a significant growth rate during the forecast timeframe 2022 – 2030.

By technology, the market is categorized into computer vision, machine learning, mini bots & RPA, natural language processing, neural networks, virtual agents, and others. Out of these, the machine learning technology segment obtained a noteworthy share in 2021. The deployment model segment is split into on-premise and cloud-based. Among them, the cloud-based segment attained the fastest CAGR from 2022 to 2030, while the on-premise segment dominated the market in terms of size in 2021.

Large enterprises and SMEs are the bifurcations of the organization size segment. Large enterprises conquered the principal market share, whereas SMEs witnessed the fastest growth rate. Based on applications, the segmentation includes IT operations, business process automation, application management, content management, security, and others. IT operations were one of the leading segments among the applications.

Moreover, the industry vertical segment is classified into IT & telecom, retail & ecommerce, BFSI, healthcare & life sciences, manufacturing, and others. Based on our analysis, the BFSI segment occupied a considerable market size in 2021.

Intelligent Process Automation Market Regional Stance

North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa are the market’s regional segments. Based on regions, Asia-Pacific is anticipated to attain the fastest growth rate during the forecast timeframe. On the other hand, the North America region dominated the market with maximum share in 2021. Regional growth is being driven by the increasing penetration of process management and automation solutions across the enterprise in the United States.

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Major Players

The intelligent process automation industry involves many key players. The top players presented in the report are Atos, Blue Prism, Capgemini, CGI, Cognizant, Genpact, HCL Technologies, IBM, Infosys Limited, Pegasystems, Tata Consultancy Services Limited, and UiPath.

More Related Research on Process Control and Automation Industry:

The global network automation market is expected to grow at a CAGR of around 24.6% from 2020 to 2027 and expected to reach the market value of around US$ 28,408 Mn by 2030.

The global marketing automation market is likely to develop at momentous CAGR around 12.1% throughout the forecast phase and reach around US$ 12,178 Million by 2026.

About Acumen Research and Consulting:

Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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Artificial Intelligence

Lucinity Appoints Udi Nessimyan as President and Chief Revenue Officer

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REYKJAVIK, Iceland, April 24, 2024 /PRNewswire/ — Lucinity , a leader in generative AI for financial institutions, is thrilled to announce the appointment of Udi Nessimyan as its new President and Chief Revenue Officer. Udi brings to the role a wealth of experience from his time in AI development at some of the world’s most prestigious tech companies, including Sealed.ai, Oracle, and Amazon Web Services.

Gudmundur Kristjansson, Founder and CEO of Lucinity, expressed his enthusiasm about Udi’s appointment, stating, “Udi’s proven track record of driving growth and innovation aligns perfectly with our core mission at Lucinity. His strategic acumen and deep industry knowledge are invaluable as we continue to develop and deliver AI solutions that enhance the efficiency and effectiveness of our clients’ operations.”
Udi’s career highlights include co-founding and leading Sealed.ai as CEO, where he spearheaded the development of a cutting-edge conversational AI platform that redefined standards in business communication. At Basis Technology, he was instrumental in driving sales and operational strategies for their flagship products, including Rosette and various Cyber Forensics tools, achieving an annual recurring revenue growth rate exceeding 30%.
In his new role, Udi will focus on refining Lucinity’s approach to marketing, sales, and customer onboarding. His expertise will be crucial in ensuring that Lucinity’s innovative AI solutions are effectively communicated and reach the right audiences, thereby maximizing their impact and facilitating the adoption of the technology.
“Udi’s involvement is vital as we strive to make our AI tools more intuitive and impactful,” said Kristjansson. “His insights and leadership will enhance our ability to deliver these technologies efficiently and effectively, aligning them closely with customer needs and industry demands.”
Under Udi’s leadership, Lucinity is set to deepen its commitment to unleashing human efficiency with AI, expanding the reach and impact of its mission to create AI that makes people better at what they do.
Lucinity thanks its partners and stakeholders for their continued support and interest as it embarks on this exciting new chapter.
About Lucinity:
Lucinity is a leader in generative AI technologies for financial institutions, designed to accelerate workforce efficiency. Its platform features Luci, an AI copilot that enhances intelligence gathering, analysis, and decision-making, allowing institutions to streamline operations and reduce costs. As an open, configurable, no-code platform, Lucinity is a crucial tool for enhancing productivity and operational efficiency in the financial sector.
Media Contact
Celina PabloSenior Marketing [email protected] +354 792 4321
Logo: https://mma.prnewswire.com/media/2208676/4669079/Lucinity_Logo.jpg

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Artificial Intelligence

Resolutions at ASSA ABLOY AB’s Annual General Meeting 24 April 2024

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STOCKHOLM, April 24, 2024 /PRNewswire/ — The Annual General Meeting of ASSA ABLOY AB was held on Wednesday 24 April 2024 in Stockholm, Sweden.

Adoption of income statements and balance sheets and discharge from liability
The Annual General Meeting adopted the parent company’s and the Group’s income statements and balance sheets for the financial year 2023. The members of the Board of Directors and the CEO were discharged from liability for the financial year 2023.
Dividend 
The Annual General Meeting approved the dividend of SEK 5.40 per share proposed by the Board of Directors, to be paid out in two equal installments, the first with the record date Friday 26 April 2024 and the second with the record date Monday 11 November 2024. The first installment is estimated to be paid on Thursday 2 May 2024 and the second installment on Thursday 14 November 2024.
Election of the Board of Directors and auditor
The Annual General Meeting re-elected Johan Hjertonsson, Carl Douglas, Erik Ekudden, Sofia Schörling Högberg, Lena Olving, Victoria Van Camp, Joakim Weidemanis and Susanne Pahlén Åklundh as members of the Board of Directors. Johan Hjertonsson was re-elected as Chairman of the Board of Directors and Carl Douglas was re-elected as Vice Chairman.
The Annual General Meeting re-elected the audit firm Ernst & Young AB as auditor for the time period until the end of the Annual General Meeting 2025.
Remuneration to the Board of Directors and the auditor
The remuneration to the Board of Directors will totally amount to SEK 9,945,000 (excluding remuneration for committee work). Auditor fees shall be paid according to contract.
Resolution on approval of remuneration report
The Annual General Meeting resolved, in accordance with the Board of Directors’ previously published proposal, to approve the Board’s remuneration report.
Resolution regarding authorization to repurchase and transfer Series B shares in the company
The Annual General Meeting resolved, in accordance with the Board of Directors’ previously published proposal, to authorize the Board of Directors to, on one or more occasions, repurchase Series B shares in the company for the period up until the Annual General Meeting 2025. The repurchase shall maximum comprise so many Series B shares that the company’s holding does not at any time exceed 10 per cent of the total number of shares in the company.
Resolution regarding long-term incentive program
The Annual General Meeting resolved, in accordance with the Board of Directors’ previously published proposal, to implement a long-term incentive program for senior executives and key employees within the ASSA ABLOY Group (“LTI 2024”).
Minutes from the Meeting including complete resolutions will be available on the company’s website assaabloy.com/general-meeting.
For more information, please contact:Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world. 
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/assa-abloy/r/resolutions-at-assa-abloy-ab-s-annual-general-meeting-24-april-2024,c3966574
The following files are available for download:
https://mb.cision.com/Main/7333/3966574/2754153.pdf
Press release (PDF)
 

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Artificial Intelligence

GSTS selected by Canada-US Seaways to provide Enhanced Analytics and Voyage Information System Predictability with OCIANA®

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HALIFAX, NS, April 24, 2024 /PRNewswire/ — Global Spatial Technology Solutions (“GSTS” or “the Company”) announced that it has been awarded a contract for a Voyage Information System (VIS) by St. Lawrence Seaway Management Corporation (SLSMC) and Great Lakes St. Lawrence Seaway (GLS) to enhance joint management of bi-national waterways.

GSTS will provide predictions for VIS through OCIANA®, its proprietary, AI powered SaaS platform. OCIANA® is a cyber-secure and scalable system which has been developed in collaboration with, and is used by, ports, shipping lines, pilotage authorities, civil agencies and border security organisations.
At the heart of OCIANA’s offering is robust, predictive data analytics, powered by novel AI algorithms. OCIANA’s data integration framework will assimilate critical information from the Seaway Traffic Management System and GSTS data streams into a predictability model to accurately forecast vessel ETAs, thus providing improved management of voyages and eventually optimizing lockage schedules.
OCIANA® is a flexible platform designed to incorporate the intricate Locks System Rules, ensuring that all vessel movements adhere to safety and operational guidelines. While focusing on a specific segment of the St. Lawrence, vessel management is impacted by dynamic events stretching from the Atlantic approaches to the Great Lakes. The dynamic Lock Schedule Engine leverages various inputs, employing advanced algorithms to manage vessel traffic and schedule lockage, thus enhancing throughput and reducing delays. Through this innovation, OCIANA® will be well positioned to offer superior optimization capability to all major waterways.
“This project will demonstrate OCIANA’s capability to provide unparalleled planning and optimization in a highly dynamic environment impacted by multiple geographic, operational and environmental factors,” said Richard Kolacz, Chief Executive Officer, GSTS. “This award continues to illustrate the versatility of OCIANA® in facilitating enhancements to maritime safety, security and supply chain resilience globally.”
The Great Lakes Seaway system serves as a key supply chain, moving $66B in goods and supporting 356,000 jobs. Optimizing the flow of goods, in a highly dynamic marine trade environment, is crucial to the economies of Canada and the United States.
OCIANA® is configured to adapt to the evolving demands of maritime traffic management, with provisions for incorporating additional data sources and enhancing the Predictability Engine with emerging technologies such as weather machine learning models. GSTS continues to expand its offering to maritime and logistics stakeholders further enhancing its leading position in maritime digitalization and innovation.
About Global Spatial Technology Solutions (GSTS)Global Spatial Technology Solutions (GSTS) is a global maritime intelligence company delivering solutions to enhance decision making across the maritime and logistics industry. Our predictive solutions are enabled by a range of operational, environmental, vessel and cargo data to provide real-time decision making intelligence for ports, terminal operators, shipping lines, logistics companies, importers, exporters, national and international agencies as well as security organisations.
For more information and to explore opportunities to partner with us, contact us today.
Media Contacts: Danica Martis, GSTS, Email: [email protected]

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